Empower Clinics Provides Corporate Update to Announce First Franchise Application and Sun Valley BAR Filing
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VANCOUVER, July 17, 2019 /CNW/ - EMPOWER CLINICS INC. (CSE: CBDT) (Frankfurt 8EC) ("Empower" or the "Company"), a vertically integrated and growth-oriented CBD life sciences company, and a multi-state operator of medical health & wellness clinics, is pleased to announce it has received it's first signed franchise application and that the Company has filed on sedar.com, the Business Acquisition Report (BAR) for the Sun Valley Certification Clinics Holdings LLC acquisition.
The Company continues to reach a number of important milestones on its path forward, as a global health and wellness company, serving the needs of patients through its network of physician-staffed health and pain management clinics, formulating CBD based products and developing its first CBD extraction facility.
HIGHLIGHTS
- First Signed Franchise Application The Company's Sun Valley Health division has received its first signed application for a Sun Valley Health Franchise in the U.S., marking an important milestone that the Company expects has the potential to change the landscape of how patients and consumers will access qualified and approved physicians for consultations for alternative health and treatment options throughout the country.
- Company Files Sun Valley Business Acquisition Report (BAR) The Company has filed the required Business Acquisition Report (BAR) for the Sun Valley Certification Clinics Holdings LLC acquisition closed April 30th, 2019. The report highlights the audit of Sun Valley and the consolidation of Empower Clinics and Sun Valley financial results, if combined for full year 2018 and 1Q 2019.
- Consolidation Shows 350% Growth The Business Acquisition Report (BAR) after the completion of the 2018 Sun Valley audit shows there would be a 350% growth in Company revenues under consolidation. 1Q 2019 consolidated results show there would be in excess of 500% growth under consolidation.
"The Sun Valley acquisition is accretive to the Company in so many tangible ways, through increased brand awareness, to bringing onboard a talented energetic team, and providing even greater access to patients," said Steven McAuley, CEO of Empower. "With the release of the BAR, we are now able to demonstrate the significant financial benefit these assets provide to our growing company."
HIGHLIGHTS Continued
- Retail Product Kiosks Launched The Company has completed the set up of its first full retail product kiosk and display area in one of its key Phoenix clinics, that includes over (40) product SKU's, including the CBD lines of Sollievo, Sun Valley Science and a variety of premium health supplements.
- Extraction Facility Progress The Company has submitted its hemp-handlers license application to the Oregon Department of Agriculture and paid the required fees to ensure the new 5,000 sq. ft. facility in Sandy, OR will be fully compliant with all Oregon regulations and permit requirements. Security systems and IT networks have been installed in preparation for the next phase of build-out and extraction equipment installation.
- CBD Market Demand The passing in the United States of the US$867 billion Agriculture Improvement Act (the "Farm Bill") has legalized hemp and hemp-based products. This has created an opportunity for the production and sale of a variety of CBD-based products that can provide genuine help and effective relief to millions of people suffering from a variety of qualifying conditions. Recent reports and studies indicate the approval of the Farm Bill could create a US$20 billion industry by 2022.
ABOUT EMPOWER
Empower is a leading multi-state operator of a network of physician-staffed clinics focused on helping patients improve and protect their health through innovative physician recommended treatment options. Operating as a vertically-integrated health & wellness brand with it's first hemp-derived CBD extraction facility under development, the Company can produce and package its proprietary line of cannabidiol (CBD) based products and distribute through company owned and franchised clinics, with wholesale partnerships, online and with retailers nationwide.
ON BEHALF OF THE BOARD OF DIRECTORS:
Steven McAuley
Chief Executive Officer
DISCLAIMER FOR FORWARD-LOOKING STATEMENTS
This news release contains certain "forward-looking statements" or "forward-looking information" (collectively "forward looking statements") within the meaning of applicable Canadian securities laws. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Forward-looking statements can frequently be identified by words such as "plans", "continues", "expects", "projects", "intends", "believes", "anticipates", "estimates", "may", "will", "potential", "proposed" and other similar words, or information that certain events or conditions "may" or "will" occur. Forward-looking statements in this news release include statements regarding; the Company's intention to open a hemp-based CBD extraction facility, the expected benefits to the Company and its shareholders as a result of the proposed acquisitions and partnerships; the terms of the proposed acquisitions and partnerships; the effectiveness of the extraction technology; the expected benefits for Empower's patient base and customers; the benefits of CBD based products; the effect of the approval of the Farm Bill; the growth of the Company's patient list and that the Company will be positioned to be a market-leading service provider for complex patient requirements in 2019 and beyond. Such statements are only projections, are based on assumptions known to management at this time, and are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the forward-looking statements, including; that the Company may not open a hemp-based CBD extraction facility; that the hemp-based CBD extraction facility may not be fully operation by Q2 2019 if at all; that legislative changes may have an adverse effect on the Company's business and product development; that the Company may not be able to obtain adequate financing to pursue its business plan; general business, economic, competitive, political and social uncertainties; failure to obtain any necessary approvals in connection with the proposed acquisitions and partnerships; and other factors beyond the Company's control. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. Readers are cautioned not to place undue reliance on the forward-looking statements in this release, which are qualified in their entirety by these cautionary statements. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements in this release, whether as a result of new information, future events or otherwise, except as expressly required by applicable laws.
SOURCE Empower Clinics Inc.
Investors: Steve Low, Boom Capital Markets, [email protected], 647-620-5101; Investors: Steven McAuley, CEO, [email protected], 604-789-2146; For French inquiries: Remy Scalabrini, Maricom Inc., E: [email protected], T: (888) 585-MARI
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